FINRA is following many states in pressing forward with a rule that aims to give advisers more tools to combat elder abuse, a large and growing problem that many financial professionals are struggling to address. FINRA has developed a rule that aims to better protect elderly clients and also give firms latitude to intervene when they suspect a client is being exploited, which is often coupled with diminished mental capacity. The new rule, which will take effect Feb. 5, 2018, will require brokers to attemp
Source: FINRA, states enact new rules to fight elder abuse | On Wall Street
Related Articles:
Elder abuse is an increasingly common problem and needs to be reported.”Older Americans are so often victims of financial abuse that the National Council on Aging estimates it costs the elderly $36.5 billion annually.”
Should I … Report elder abuse?
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
